Constellation Energy Corp (Derivatives) (CEG)

🚨 AI money is rotating—but not into your AI coins! 🧵

This is my honest answer to the question everyone is asking right now: Yes, a lot of money is flowing into AI. However, most of it ends up in the stock market, in equities—barely any goes to AI tokens.

Let's get started! 🧵

2/
Start with the tokens. In the last 24 hours the overall market was almost flat, down 0.3%. The AI crypto tokens? Down ten percent. The sector that is supposedly going to carry the next rotation is bleeding harder than the market it’s actually in.

The best example is #Bittensor. A hundred‑billion‑parameter training on the subnets, staking opened for over 150 million users, a conference at the Louvre—headline after headline that would normally send a chart straight up. Instead, $TAO is 19% lower than a week ago.

Good news, falling price. To me this is the most honest signal in the whole sector: if even the strong news can’t keep the price up, the narrative is already priced in. Headlines are coming by the second—but the money to sustain the price is missing.

3/
And I can see the money clearly sitting elsewhere. Nasdaq is 7% higher than a month ago, Nvidia alone adds over five trillion dollars of market cap. Bitcoin has lost about a fifth in the same period. That’s the rotation that’s actually happening—and it’s happening on the stock market.

I’m no longer chasing Nvidia’s five‑trillion‑dollar valuation. Michael Burry just ran the numbers showing that $5.4 billion worth of GPUs are booked through a special purpose vehicle—revenue booked as profit immediately, credit risk removed from the balance sheet. He calls it “Fugazi”.

That’s exactly why the more honest bet for me is one level lower—in the infrastructure that actually runs AI: electricity, networks, compute capacity. Those who sell shovels in the gold rush are doing the quieter business.

5/
To be clear: none of this is risk‑free. Constellation is still in the red for the year despite the strong story, and CoreWeave has nearly halved from its peak. Almost every one of these contracts hinges on the same node—Nvidia financing and debt‑financed growth. If the big Capex expectations flip, the whole chain falls, not just the chip. I’m taking this bet consciously, with everything tied to it.

And back to your coins, because that’s the real point: the bit of capital that is actually rotating within crypto is going into ZEC, HYPE, VVV—pure tokens without an AI label. AI coins are almost completely missing from this list—and that says more than any Subnet tweet.

I believe this divergence will persist for the next few months as long as liquidity sticks to the stock market and doesn’t flow back into altcoins.

I could be wrong. If you see a real rotation into AI coins that I’m missing, show it to me—I’ll take a honest look.

4/
Here’s where I actually play the rotation. First, electricity, because no model runs without it:

→ Constellation Energy ($CEG): the largest U.S. nuclear operator, secured massive capacity with the $16 billion purchase of Calpine and is restarting Three Mile Island—exclusively for Microsoft’s data centers. Electricity is the new oil for AI, and this player is right at the source.
→ Bloom Energy ($BE): provides on‑site power via fuel cells when the public grid can’t keep up. Brookfield is financing the expansion with up to $5 billion, and Oracle has already contracted.
→ GE Vernova ($GEV): the classic shovel‑seller, builds turbines and network hardware for data centers. Slots are sold out through 2030, with an order backlog of $150 billion.

Then the compute capacity itself—and this loops back to crypto:

→ CoreWeave ($CRWV): the pure AI compute cloud, with a $21 billion contract from Meta through 2032. Strong in business,